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Bond Market News
The Week That Was (7 – 13 April, 2025)
April 14, 2025
US primary market issuances stood at only $6.3bn in the previous week, slightly higher than the $3.2bn seen a week prior to it. IG issuers took up all of the issuances, led by Paychex’s $4.2bn three-part deal, followed by Keysight Technologies’ $750mn issuance. In North America, there were a total of 36 upgrades and 41 downgrades each, across the three major rating agencies last week. US IG funds saw $6.1bn in outflows during the week ended April 10, adding to the $353mn outflow seen during the week before that. US HY bond funds had their biggest weekly outflow in almost 20 years as investors pulled-out a net $9.63bn as compared to the previous week’s inflows of $271.3mn.
EU Corporate G3 issuances rose slightly to $28bn vs. $24.3bn in the prior week. Palladium Global’s ~€9.5bn two-part deal led the tables, followed by KfW’s and Credit Agricole’s €1bn issuances each. The region saw 35 upgrades and 24 downgrades each, across the three major rating agencies. The GCC dollar primary bond market saw just about $95mn in new issuances last week as compared to $300mn the week prior, with small sized deal by Emirates NBD and Al Rajhi. In the Middle East/Africa region, there was 1 upgrade and 7 downgrades across the major rating agencies. LatAm saw only $200mn in new issuances last week, compared to $1bn in the week prior, with a sole deal by PAN American Energy. The South American region saw 4 upgrades and 1 downgrade each across the three major rating agencies last week.
G3 issuances from the APAC ex-Japan region dropped further to just $1.88bn vs. $2.2bn in the prior week. This was led by Transurban Finance’s $727mn deal and Coastal Emerald’s $500mn deal. In the APAC region, there were 5 upgrades and 75 downgrade each, across the three rating agencies last week, with the bulk of the downgrades coming from the rating action on Chinese corporates after the sovereign’s rating downgrade.
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